Portmeirion + (PMP, House Stock at 234p) - New CFO to be appointed

Hybridan Small Cap Feast - 22 May 24

22nd May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

Zeus Industrials Round-up - 14 August 2024

In a volatile period for stock markets, the UK industrial sector has continued its steady improved performance. Manufacturing PMI data reached a two-year high of 52.1 in July with optimism reaching the second-highest level in the survey this year. Inflation remained at 2.0% in June which, coupled with promising labour market data, led the MPC to reduce the base rate by 25bps to 5.0%. Although challenges such as supply chain disruption and economic volatility still remain, the sector’s improving

Finding the Next Takeout in Canadian Small-Caps - Part Three

What you need to know: • Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums. • The new acquisitions largely fit within the framework outlined in previous reports. • Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively. We review the biggest winners and losers in the portfolio and present a list of new ideas on ou

Morning Note – 24 July 2024

Hybridan Small Cap Feast 12 June 2024

12th June 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti

Q3 23: EV wavers

VW’s Q3 23 results hardly breaking news following the group’s preliminary results and profit warning. The management did however confirm what we had heard in the statements from the peers i.e. that demand for BEV is going through a weak phase. Also, the Brand Group Core’s margin profile remained disappointing, while VW confirmed that the implementation of the €10bn cost-cutting plan is running behind schedule. Lastly, VW could reduce its sails for some time in China leaving its BEV offensive for

Q3-23: Sluggish BEV transition and a weakening VW performance sink Porsche SE

Consistent with the results of its main shareholding, Volkswagen, Porsche SE posted a meagre set of Q3-23 results marked by a 20% yoy decline in net profit to €3.8bn (vs. €4.8bn). The below-expectation Q3 results from Volkswagen have led Porsche SE to forecast a FY-23 net profit in the lower range of its €4.5-€6.5bn guidance. While the improvement in the group’s liquidity position has boosted net debt expectations, the outlook remains unfavourable for the HoldCo, as the BEV transition is set to

Gooch & Housego (GHH LN) - Plenty of opportunity but execution must improve

Gooch has issued a profit warning, cutting FY24E guidance at PBT by £1.5m or c.16% against Zeus’ estimate. Revenue recognition for certain customer projects has been delayed due to supplier and customer issues outside of the Group’s control. Many other things seem to be going well. The order book is higher, acquisition integration has continued apace, progress to reduce costs via outsourcing is being made, and net debt is lower. We cut our FY24E estimates in line with new guidance. Despite manag

PROGRESSIVE: Watkin Jones - Uncertain rates outlook delays transactions

Watkin Jones has issued a trading update, which, while highlighting strong medium-term opportunities in build-to-rent and student accommodation, concedes that market activity through the summer has been slower than anticipated, impacting transaction closures, largely due to uncertainty over the pace of interest rate cuts. The group has, therefore, reduced guidance for FY24E, but with significantly stronger than expected cashflow. However, the growing shortage of rental and student properties, in

Allenby Capital - Character Group - Update

The Character Group (Character) has released a year-end trading update affirming the exceptionally difficult market conditions to date but that as a result of a strong product portfolio, the second half has, as expected, resulted in a bounce-back leading to a significant improvement in profitability compared to H1. The Board’s view is that underlying profitability is expected to be in line with current market expectations. While not immune to the broader market difficulties, Character has the be

Allenby Capital - Character Group - Trading update

At its AGM scheduled for 11.00am today, the Group will state that the business continues to trade satisfactorily and financial results are expected to be in line with current market expectations. Although trading conditions in the current financial year to August 2024 remain challenging, the Group has a strong product offering which has been well received by the trade. Adverse trading conditions will at some stage revert to normality which we believe will allow strong historic growth to resume.

Portmeirion+ (PMP, House Stock at 210p) - H1 trading update - on track for FY24F

Morning Note – 10 May 2024

Gooch & Housego - Slight H2 24 sales delay results in EPS down 15.6%

The group signals a levelling out of the earlier destocking effects and a maintained outlook for FY25, with an increase in H2 output seen. However, some H2 supplier and customer delays results in some revenue slipping into FY25 with a cut to FY24E adj PBT of £1.5m, and a 15.6% EPS reduction. Good progress is being delivered to its strategic plan to raise margins to mid-teens levels and the integration of Artemis and GS Optics is going well. The reduction to FY24 expectations is a frustrating gli